Bengaluru-based construction management and analytics startup QwikSpec has raised Rs 3.5 crore in its pre-Series A round of funding.
The funding was led by Brigade Innovations LLP with a clutch of investors like former Infosys director TV Mohandas Pai, Asset Builders director Suhail Rahman, Bobby Reddy of Indus Group, and UAE-based private investor M George Oommen.
As per VCCircle report, QwikSpec will use the capital to ramp up its technology infrastructure, besides significantly adding to its business development and customer acquisition initiatives. And the company is also planning to foray into international markets such as West Asia and South East Asia.
QwikSpec, which is operated by Xlsys Technologies Pvt. Ltd, is a technology platform that aggregates data from all stakeholders on a construction project site, with the help of a mobile application used by all the stakeholders. It helps developers reduce complexities in the construction of large projects by automating monitoring and supervising processes.
QwikSpec was founded in January 2015 by Ajith Alexander and Roby Kurien. Alexander worked with Cisco Systems and Limitless LLC in the past while Kurien was associated with Motorola, Kyocera Wireless and Sirf Technologies.
All project sites have numerous inspections by various stakeholders — developer, contractors, project management company, consultants, and even the unit owner. QwikSpec enables the digitisation of all these activities and provides operational insights based on the big data that’s available on the QwikSpec platform.
The company claims to have captured over 10 million data points from its portfolio projects and plans to offer predictive analytics to builders on cascading project delays.
QwikSpec became one of the five startups incubated in the first batch of Brigade Group’s Real Estate Accelerator Program (REAP) and since then the company saw its revenue double month-on-month.
The startup also raised a seed fund of Rs 2 crore in January 2015 and has on-boarded some of the leading real estate developers as client, which includes Tata Housing, Mahindra Lifespace, Mantri Developers, Prestige Group, Brigade Group, and Ozone Group, Omkar Developers, Vaswani Group, and Shapoorji Pallonji Real Estate etc.
According to Alexander, with the Real Estate and Regulation Act (RERA) promising to bring transparency, accountability and efficiency in the sector and imposing strict punishment for non-deliveries, solutions, such as QwikSpec, will assume greater importance.